Rigzone Industry News

Oil shed its gains after a bullish crude inventory report was tempered by an unseasonal slowdown in gasoline demand.

Oil rose for a third day as global output threats compound already red-hot markets for physical supplies, while the Group of Seven agreed to look into a price cap for Russian oil.

While Brent crude has shed 10 percent in the past few weeks, retail prices all over the world for products like gasoline and diesel haven't fallen anywhere near as fast - and are often still rising.

OGDCL describes itself as the leading national exploration and production company in Pakistan.

Oil dropped as Federal Reserve Chair Jerome Powell's testimony before a House committee heightened concerns of an impending recession.

OEUK's latest move comes as the UK government published its draft legislation for the Energy (Oil and Gas) Profits Levy Bill.

Oil fell to its lowest in over a month amid growing concerns that a global economic slowdown will ultimately hobble demand.

Oil climbed as financial markets recovered from last week's rout, with traders confident that tight supplies will sustain higher prices even if the global economy contracts.

Crude dropped more than 6% Friday on demand concerns tethered to inflation measures.

Oil posted its biggest gain in over a week in choppy trade as traders weighed the prospect of more rate hikes against persistently tight supplies.